{
  "id": "RL34657",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "RL34657",
  "active": false,
  "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 445328,
      "date": "2009-04-30",
      "retrieved": "2016-04-07T02:33:27.153434",
      "title": "Financial Institution Insolvency: Federal Authority over Fannie Mae, Freddie Mac, and Depository Institutions",
      "summary": "On September 7, 2008, the Secretary of the Treasury announced that the Federal Housing Finance Agency (FHFA), the newly installed regulator of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), had been appointed conservator of the two enterprises. Until the enactment of the Housing and Economic Recovery Act of 2008 (P.L. 110-289), there was no clear statutory authority for dealing with the insolvency of either or both of these two mortgage giants. Among the reforms included in P.L. 110-289 were extensive provisions providing the FHFA with powers that substantially parallel those accorded the Federal Deposit Insurance Corporation (FDIC) to deal with every aspect of insolvencies of any bank or thrift institution that holds federally insured deposits.\nThe government\u2019s takeover of Fannie Mae and Freddie Mac is expected to have a great impact upon the mortgage market. Together they guarantee or own mortgages valued at more than $5 trillion. The powers that the FHFA will have to deal with the various assets and liabilities of the entities and how they exercise these powers are, therefore, expected to be the focus of congressional attention. There is also likely to be increased congressional oversight of the FDIC\u2019s activities resolving bank and thrift failures because the FDIC has had to close down 25 banks during 2008, the same number of closures as occurred from January 1, 2001, to December 31, 2007.\nBecause it is the model on which the FHFA\u2019s conservatorship and receivership authorities are based and because there has been sufficient experience with it to provide guidance as to how the FHFA is likely to operate, the FDIC\u2019s bank and thrift insolvency process is set forth in some detail. That is followed by an exposition of the authority given to FHFA in P.L. 110-289. The issues discussed include how the process is initiated; when a conservatorship is selected; when a receivership is selected; any differences between the two; when judicial review is available; what priorities are established for claims against a receivership; and what authority exists for repudiating claims.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
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          "url": "http://www.crs.gov/Reports/RL34657",
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          "url": "http://www.crs.gov/Reports/pdf/RL34657",
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      ],
      "topics": []
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc795484/",
      "id": "RL34657_2008Sep10",
      "date": "2008-09-10",
      "retrieved": "2016-01-13T14:26:20",
      "title": "Financial Institution Insolvency: Federal Authority over Fannie Mae, Freddie Mac, and Depository Institutions",
      "summary": "This report provides an overview of the U.S. credit crunch and its effect on Fannie, Freddie, Banks, and Thrifts. The report discusses the Federal Deposit Insurance Corporation (FDIC) and insolvent banks and thrifts.",
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
      "formats": [
        {
          "format": "PDF",
          "filename": "files/20080910_RL34657_5fc4c98ee3f5dcaba8bb2d92f6db7ea9ac0d1dc8.pdf"
        },
        {
          "format": "HTML",
          "filename": "files/20080910_RL34657_5fc4c98ee3f5dcaba8bb2d92f6db7ea9ac0d1dc8.html"
        }
      ],
      "topics": [
        {
          "source": "LIV",
          "id": "Finance",
          "name": "Finance"
        },
        {
          "source": "LIV",
          "id": "Financial crises",
          "name": "Financial crises"
        },
        {
          "source": "LIV",
          "id": "Housing finance",
          "name": "Housing finance"
        }
      ]
    }
  ],
  "topics": [
    "Economic Policy"
  ]
}